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    First United (FUNC)

    Market Price (9/21/2026): $44.03 | Market Cap: $284.0 MilSector: Financials | Industry: Regional Banks

    First United (FUNC)

    Market Price (9/21/2026): $44.03
    Market Cap: $284.0 Mil
    Sector: Financials
    Industry: Regional Banks

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 9.1%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%

    Low stock price volatility
    Vol 12M is 27%

    Trading close to highs
    Dist 52W High is -4.0%, Dist 3Y High is -4.0%

    Key risks
    FUNC key risks include [1] asset quality deterioration highlighted by recent net charge-offs on its commercial and consumer loan relationships.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 2.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.9%, FCF Yield is 9.1%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -25%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28%
    3 Low stock price volatility
    Vol 12M is 27%
    4 Trading close to highs
    Dist 52W High is -4.0%, Dist 3Y High is -4.0%
    5 Key risks
    FUNC key risks include [1] asset quality deterioration highlighted by recent net charge-offs on its commercial and consumer loan relationships.

    FUNC in ETFs

    Weight = FUNC's share of each fund

    VTI0.00%
    IWM0.01%
    AVUV0.02%
    VTWO0.01%
    DFAS0.01%
    IWN0.00%
    DFAC0.00%

    Valuation & Metrics

    FYE: 12/31FUNC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$93.5 Mil—
    FY 2026 Sales$96.8 Mil—
    FY 2027 Sales$102.5 Mil—
    FY 2026 Sales Growth3.6%—
    FY 2027 Sales Growth5.9%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$25.1 Mil—
    FY 2026 Net Income (Non-GAAP)$28.9 Mil—
    FY 2027 Net Income (Non-GAAP)$30.9 Mil—
    FY 2027 Net Income Growth6.6%18.1%
    FY 2026 EPS (Non-GAAP)$4.45—
    FY 2027 EPS (Non-GAAP)$4.74—
    FY 2027 EPS Growth6.6%—
    VALUATION
    FY 2026 P/S2.91.6
    FY 2027 P/S2.8—
    FY 2026 P/E9.87.4
    FY 2027 P/E9.2—

    [1] FUNC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    FUNCS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.1
    Rev Chg Q9.9%9.1%
    Rev Chg LTM11.6%8.3%
    Rev Chg 3Y Avg7.0%5.8%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM32.2%21.8%
    Net Inc Mgn26.8%13.1%
    VALUATIONLOW
    P/S3.03.1
    P/CFO9.414.7
    P/FCF10.919.1
    P/E11.322.4

    AI Analysis | Feedback

    MetricValueDateSource
    Net Interest Margin (non-GAAP, FTE)3.65%6302025Link
    Efficiency Ratio (non-GAAP)59.95%3312025Link
    Non-performing assets to total assets0.51%3312025Link
    Wealth Management Assets Under Management$1.7 billion5012025Link
    Commercial Loan Originations$65.1 million6302025Link
    Residential Mortgage Originations$19.2 million6302025Link
    Book value per basic share$28.353312025Link
    Allowance for credit losses to loans outstanding1.25%3312025Link
    Number of Banking Offices262292024Link
    Number of Automated Teller Machines (ATMs)332292024Link

    Price Chart

    Upcoming
    10/26/2026Earnings ReleaseRev: $24 Mil (E)
    EPS: $1.16 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/4/2026

    First United (FUNC) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. First United (FUNC) significantly surpassed analyst expectations in its fiscal Q2 2026 earnings report, released on July 20, 2026. The company reported non-GAAP diluted earnings per share (EPS) of $1.13, exceeding the consensus analyst estimate of $1.05 by $0.08. This strong performance was supported by a 9.8% year-over-year increase in revenue to $23.9 million.

    2. The company demonstrated an improved net interest margin and healthy loan growth in fiscal Q2 2026. Management's focus on margin management led to a 15-basis-point increase in the net interest margin to 3.98% in fiscal Q2 2026, up from 3.83% in fiscal Q1 2026. Additionally, average loan balances increased by $39.9 million for the six months ending June 30, 2026, compared to the prior year.

    Show more
    Updated on 9/4/2026

    First United (FUNC) stock has gained about 15% since 5/31/2026 because of the following key factors:

    1. First United (FUNC) significantly surpassed analyst expectations in its fiscal Q2 2026 earnings report, released on July 20, 2026. The company reported non-GAAP diluted earnings per share (EPS) of $1.13, exceeding the consensus analyst estimate of $1.05 by $0.08. This strong performance was supported by a 9.8% year-over-year increase in revenue to $23.9 million.

    2. The company demonstrated an improved net interest margin and healthy loan growth in fiscal Q2 2026. Management's focus on margin management led to a 15-basis-point increase in the net interest margin to 3.98% in fiscal Q2 2026, up from 3.83% in fiscal Q1 2026. Additionally, average loan balances increased by $39.9 million for the six months ending June 30, 2026, compared to the prior year.

    3. Positive analyst sentiment and increased price targets fueled investor confidence. Several analysts maintained or upgraded their ratings for First United, with the average analyst rating being "Buy." Notably, Raymond James Financial boosted its price target from $44.00 to $50.00 on July 1, 2026, while Hovde Group reaffirmed an "Outperform" rating and issued a $49.00 price objective on July 23, 2026. The average 12-month price target stands at $50.00, suggesting a potential increase of 14.18% from the stock's price on September 2, 2026.

    4. A significant institutional investment by BlackRock Inc. indicated strong market confidence. During fiscal Q2 2026, BlackRock Inc. acquired 456,248 shares of First United, valued at approximately $20,125,000. This substantial investment by a major institutional investor signaled strong confidence in the company's prospects.

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    Stock Movement Drivers

    Fundamental Drivers

    The 12.7% change in FUNC stock from 5/31/2026 to 9/20/2026 was primarily driven by a 13.6% change in the company's P/E Multiple.
    (LTM values as of)53120269202026Change
    Stock Price ($)39.3144.3112.7%
    Change Contribution By: 
    Total Revenues ($ Mil)91932.4%
    Net Income Margin (%)27.8%26.8%-3.5%
    P/E Multiple10.011.413.6%
    Shares Outstanding (Mil)660.5%
    Cumulative Contribution12.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/20/2026
    ReturnCorrelation
    FUNC12.7% 
    Market (SPY)0.9%1.2%
    Sector (XLF)8.3%40.7%

    Fundamental Drivers

    The 26.5% change in FUNC stock from 2/28/2026 to 9/20/2026 was primarily driven by a 25.0% change in the company's P/E Multiple.
    (LTM values as of)22820269202026Change
    Stock Price ($)35.0244.3126.5%
    Change Contribution By: 
    Total Revenues ($ Mil)86938.5%
    Net Income Margin (%)28.9%26.8%-7.3%
    P/E Multiple9.111.425.0%
    Shares Outstanding (Mil)660.7%
    Cumulative Contribution26.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/20/2026
    ReturnCorrelation
    FUNC26.5% 
    Market (SPY)11.6%8.6%
    Sector (XLF)9.2%34.4%

    Fundamental Drivers

    The 21.8% change in FUNC stock from 8/31/2025 to 9/20/2026 was primarily driven by a 14.8% change in the company's P/E Multiple.
    (LTM values as of)83120259202026Change
    Stock Price ($)36.3844.3121.8%
    Change Contribution By: 
    Total Revenues ($ Mil)849311.6%
    Net Income Margin (%)28.4%26.8%-5.5%
    P/E Multiple9.911.414.8%
    Shares Outstanding (Mil)660.6%
    Cumulative Contribution21.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/20/2026
    ReturnCorrelation
    FUNC21.8% 
    Market (SPY)19.4%17.7%
    Sector (XLF)4.7%43.1%

    Fundamental Drivers

    The 199.7% change in FUNC stock from 8/31/2023 to 9/20/2026 was primarily driven by a 161.3% change in the company's P/E Multiple.
    (LTM values as of)83120239202026Change
    Stock Price ($)14.7844.31199.7%
    Change Contribution By: 
    Total Revenues ($ Mil)779321.1%
    Net Income Margin (%)29.4%26.8%-8.8%
    P/E Multiple4.411.4161.3%
    Shares Outstanding (Mil)763.9%
    Cumulative Contribution199.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/20/2026
    ReturnCorrelation
    FUNC199.7% 
    Market (SPY)75.6%35.4%
    Sector (XLF)69.8%49.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    FUNC Return25%8%25%48%14%19%241%
    Peers Return31%5%-4%12%10%21%96%
    S&P 500 Return27%-19%24%23%16%12%103%

    Monthly Win Rates [3]
    FUNC Win Rate67%42%50%58%50%78% 
    Peers Win Rate72%42%43%52%57%58% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    FUNC Max Drawdown-17%-30%-38%-17%-38%-12% 
    Peers Max Drawdown-18%-19%-37%-18%-24%-14% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: WSBC, FNB, UBSI, TOWN, SHBI.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/18/2026 (YTD)

    How Low Can It Go

    EventFUNCS&P 500
    2025 US Tariff Shock
      % Loss-36.6%-18.8%
      % Gain to Breakeven57.7%23.1%
      Time to Breakeven248 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-35.3%-6.7%
      % Gain to Breakeven54.4%7.1%
      Time to Breakeven200 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-11.8%-24.5%
      % Gain to Breakeven13.4%32.4%
      Time to Breakeven35 days427 days
    2020 COVID-19 Crash
      % Loss-52.0%-33.7%
      % Gain to Breakeven108.2%50.9%
      Time to Breakeven689 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven117 days105 days
    2013 Taper Tantrum
      % Loss-15.3%-0.2%
      % Gain to Breakeven18.0%0.2%
      Time to Breakeven63 days1 days

    Compare to WSBC, FNB, UBSI, TOWN, SHBI

    In The Past

    First United's stock fell -36.6% during the 2025 US Tariff Shock. Such a loss loss requires a 57.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventFUNCS&P 500
    2025 US Tariff Shock
      % Loss-36.6%-18.8%
      % Gain to Breakeven57.7%23.1%
      Time to Breakeven248 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-35.3%-6.7%
      % Gain to Breakeven54.4%7.1%
      Time to Breakeven200 days31 days
    2020 COVID-19 Crash
      % Loss-52.0%-33.7%
      % Gain to Breakeven108.2%50.9%
      Time to Breakeven689 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.1%-19.2%
      % Gain to Breakeven25.2%23.8%
      Time to Breakeven117 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-36.5%-17.9%
      % Gain to Breakeven57.5%21.8%
      Time to Breakeven134 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-40.5%-15.4%
      % Gain to Breakeven68.0%18.2%
      Time to Breakeven629 days125 days
    2008-2009 Global Financial Crisis
      % Loss-64.0%-53.4%
      % Gain to Breakeven177.8%114.4%
      Time to Breakeven3164 days1085 days

    Compare to WSBC, FNB, UBSI, TOWN, SHBI

    In The Past

    First United's stock fell -36.6% during the 2025 US Tariff Shock. Such a loss loss requires a 57.7% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About First United (FUNC)

    First United Corporation (FUNC) is a bank holding company that operates primarily through its subsidiary, First United Bank & Trust. The company provides a full spectrum of retail and commercial banking services, catering to both individual consumers and businesses. Its offerings are delivered through a network of branch offices and ATMs located across specific counties in Maryland and West Virginia.

    The company's core services include a diverse range of deposit products such as checking, savings, money market, and certificate of deposit accounts, including specialized options like IRAs and health savings accounts. On the lending side, First United offers various commercial loans, commercial real estate loans, residential mortgages, home equity lines of credit, and consumer loans like auto and student loans.

    Beyond traditional banking, First United also provides comprehensive trust services, including personal trusts, investment agency accounts, and estate administration and planning. Additionally, the company offers insurance products and brokerage services. Its geographic footprint is concentrated in Allegany, Frederick, Garrett, and Washington counties in Maryland, and Mineral, Berkeley, Monongalia, and Harrison counties in West Virginia.

    AI Analysis | Feedback

    A regional version of Bank of America

    Like a community-focused Wells Fargo

    AI Analysis | Feedback

    • Deposit Products: First United offers a range of checking, savings, money market, and certificate of deposit accounts, including specialized IRAs and health savings accounts.
    • Loan Products: The bank provides diverse loan options, including commercial, commercial real estate, residential mortgage, home equity, construction, auto, student, and term loans.
    • Treasury Management Services: Services for businesses and municipalities include cash sweep programs, commercial checking opportunities, and broader treasury management solutions.
    • Trust Services: First United offers personal trust, investment agency accounts, charitable trusts, retirement account management, and estate administration and planning services.
    • Insurance Products: The company provides various insurance products to meet customer needs.
    • Brokerage Services: Investment brokerage services are available for clients seeking assistance with their financial portfolios.
    • Banking Facilities: Customers can utilize safe deposit boxes and night depository facilities for secure transactions and storage.

    AI Analysis | Feedback

    First United (symbol: FUNC) sells primarily to individuals and organizations. Based on the company description, its major customer categories are:

    • Individuals/Consumers: These customers utilize services such as checking accounts, savings accounts, money market accounts, IRAs, residential mortgage loans, home equity lines of credit, auto loans, student loans, personal trust services, and estate planning services.
    • Businesses/Commercial Customers: These customers access services including commercial checking accounts, treasury management services, cash sweep programs, commercial loans (secured by real estate, equipment, or other assets), and commercial real estate loans.
    • Municipalities: First United provides specific programs like the Certificate of Deposit Account Registry Service (CDARS) and Insured Cash Sweep (ICS) to municipalities.

    AI Analysis | Feedback

    • Broadridge Financial Solutions (BR)

    AI Analysis | Feedback

    Jason B. Rush, President & Chief Executive Officer

    Jason B. Rush was appointed President and Chief Executive Officer of First United Corporation and First United Bank & Trust, effective January 1, 2026. He has been an employee of First United since 1993, previously serving as Senior Vice President and Chief Operating Officer.


    Tonya K. Sturm, Senior Vice President & Chief Financial Officer, Corporate Secretary & Treasurer

    Tonya K. Sturm has served as Chief Financial Officer of First United Corporation since June 2, 2015. She has been with the First United organization since 1992 and also holds the titles of Senior Vice President, Corporate Secretary, and Treasurer.


    Carissa L. Rodeheaver, Executive Chairman of the Board

    Effective January 1, 2026, Carissa L. Rodeheaver transitioned from her role as Chairman, President, and Chief Executive Officer of First United Corporation and First United Bank & Trust to become Executive Chairman, with a planned retirement in May 2026. She has over 32 years of experience in the banking industry (as of March 2024), during which she has led teams in wealth management, credit underwriting, and finance. Rodeheaver also owns and operates Country Treasures, an unincorporated retail seller of home furnishings and decor, and Rodeheaver Rentals, an unincorporated entity that owns and leases commercial and residential real property and residential apartments.


    Robert L. Fisher II, Senior Vice President and Chief Revenue Officer

    Robert L. Fisher II serves as Senior Vice President and Chief Revenue Officer. He possesses over 20 years of executive financial services experience. He joined First United Bank & Trust in November 2013 as Senior Vice President and Chief Lending Officer. Previously, he was a regional president at Susquehanna Bank, overseeing commercial and retail banking operations in Washington County, Maryland, and Franklin County, Pennsylvania.


    Julie Peterson, Senior Vice President and Chief Credit Officer

    Julie Peterson holds the position of Senior Vice President and Chief Credit Officer at First United Corporation.

    AI Analysis | Feedback

    • Concentration of Operations and Local Economic Conditions

      First United Corporation's operations are concentrated in specific counties in Maryland and West Virginia. This geographic concentration makes the company highly vulnerable to adverse economic conditions, demographic shifts, or industry-specific downturns within these limited regions. A decline in local economic activity could negatively impact loan demand, deposit growth, and the overall quality of its loan portfolio.

    • Credit Risk and Asset Quality

      As a financial institution that provides various types of loans, including commercial loans, commercial real estate loans, residential mortgage loans, and consumer loans, First United Corporation is exposed to significant credit risk. An economic downturn, particularly in its operating regions, could lead to an increase in loan defaults, non-performing assets, and charge-offs, thereby negatively affecting its financial performance and asset quality.

    • Interest Rate Risk

      First United Corporation's profitability is significantly influenced by interest rate fluctuations. Changes in interest rates can affect the bank's net interest margin, which is the difference between the interest earned on assets (like loans) and the interest paid on liabilities (like deposits). A mismatch in the repricing of its assets and liabilities, especially during periods of rapidly changing interest rates, could lead to a reduction in net interest income and overall profitability.

    AI Analysis | Feedback

    The clear emerging threat to First United (FUNC) stems from the rapid growth and adoption of digital-first financial technology (fintech) companies and large technology firms entering the financial services space. These entities leverage technology and data to offer a comprehensive suite of banking products and services, including deposit accounts (e.g., neobanks), payment processing, consumer lending (e.g., online mortgages, auto loans), and commercial lending and treasury management solutions (e.g., payment processors expanding into small business loans). These competitors typically operate with significantly lower overhead, provide highly integrated and user-friendly digital experiences, and can often offer more competitive pricing and faster service. This challenges FUNC's traditional branch-based banking model for attracting and retaining both retail and commercial customers, similar to how Netflix disrupted Blockbuster's physical store model or how Uber threatened traditional taxi services with a digitally native, convenient alternative.

    AI Analysis | Feedback

    For the public company First United (symbol: FUNC), it is not possible to identify the precise addressable market sizes for its main products or services due to the highly localized nature of its operations and the aggregated data available.

    First United Corporation operates as a bank holding company for First United Bank & Trust, providing retail and commercial banking services to businesses and individuals in specific counties across Maryland (Allegany, Frederick, Garrett, and Washington counties) and West Virginia (Mineral, Berkeley, Monongalia, and Harrison counties). Its offerings include various deposit products, different types of loans (commercial, residential, auto, student), trust services, insurance products, and brokerage services.

    While general market information for commercial banking, total deposits, and total loans is available at the state level for Maryland and West Virginia, this data is not granular enough to determine the specific "addressable markets" for First United's particular product lines within its limited operating counties.

    null

    AI Analysis | Feedback

    First United Corporation (FUNC) is expected to drive future revenue growth over the next 2-3 years through several key strategies: * Growth in Loan Portfolio: The company anticipates revenue growth from an increasing loan book, supported by both higher loan balances and improved yields on its loan portfolio. Total loans reached $1,521.7 million in Q4 FY 2025, up from $1,480.8 million in Q4 FY 2024. This growth is further enhanced by loans repricing at higher rates and new loan production. * Expansion of Wealth Management Services: First United is focused on growing its wealth management income. In FY 2025, wealth management income increased by approximately 8%, driven by a market recovery, increased annuity sales, and the acquisition of new clients. * Strategic Regional Market Expansion: The company is actively pursuing growth by increasing its presence and commercial banking relationships in specific regions, particularly North Central West Virginia and Southwestern Pennsylvania. This strategy includes strategic promotions and the addition of new team members dedicated to these markets to enhance the bank's brand and execute corporate strategies. * Optimized Net Interest Margin and Deposit Growth: Revenue growth is also expected from continued deposit growth, including retail money market and savings inflows, which provide funding for lending activities. Total deposits increased by $160.3 million from December 31, 2024, to December 31, 2025, with significant increases in savings and money market accounts. This, coupled with a solid net interest margin, contributes to net interest income. * Enhanced Customer Experience and Digitalization: First United is investing in modernizing its customer experience strategy by integrating platforms like 8x8 Contact Center with Microsoft Teams. This aims to enhance communication across its locations, improve operational efficiency, and provide exceptional, future-ready customer experiences, which can indirectly lead to customer retention and attraction, thus supporting revenue growth.

    AI Analysis | Feedback

    Here is a summary of First United's (FUNC) capital allocation decisions over the last 3-5 years:

    Share Repurchases

    • First United's Board of Directors approved a new stock repurchase program on January 27, 2026, authorizing the company to purchase up to 1,000,000 shares of its common stock over an 18-month period, representing approximately 15.4% of its outstanding shares at that time.
    • An earlier share repurchase program was announced on August 21, 2023, authorizing the repurchase of up to 825,000 shares, equivalent to 5% of the company's issued and outstanding shares, for a 12-month period.
    • In 2024, the company's repurchases of common shares totaled $4.0 million.

    Share Issuance

    • During the three months ended March 31, 2025, First United issued 8,757 shares of common stock, valued at $74 thousand.
    • The basic outstanding shares of common stock increased from 6,471,096 at December 31, 2024, to 6,499,476 at December 31, 2025.

    Capital Expenditures

    • While specific dollar values for capital expenditures were not explicitly detailed, the company has undertaken operational changes including branch closures, which contributed to reduced occupancy expenses.

    Peer Outperformance in Regional Banks

    FUNC has outperformed 95% of its 264 Regional Banks peers over 5Y. Regional Banks ranks 7th of 18 industries in Financials by median 5Y return.
    Share of Regional Banks constituents that FUNC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    39%
    of 288 industry peers · 19.2% return
    3Y
    99%
    of 277 industry peers · 199.9% return
    5Y
    95%
    of 264 industry peers · 187.5% return
    No Regional Banks peer with a comparable growth profile has beaten FUNC by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Regional Banks is FUNC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 24.2%70.6%133.7% SPNT 170% · RGA 154% · RNR 140%
    Investment Banking & Brokerage 13 -1.7%105.1%116.5% IBKR 527% · SNEX 257% · HOOD 183%
    Diversified Banks 12 27.5%129.8%116.3% CM 161% · JPM 159% · RY 149%
    Life & Health Insurance 20 8.6%57.6%105.8% JXN 534% · UNM 373% · FG 207%
    Multi-Sector Holdings 4 6.8%50.2%87.3% JONE 361% · VOYA 88% · BRK-B 87%
    Property & Casualty Insurance 42 9.6%67.5%67.8% ASIC 2760900% · HRTG 445% · UVE 331%
    Regional Banks ← 265 23.9%91.7%67.1% ESQ 391% · GCBC 340% · VBNK 335%
    Multi-line Insurance 9 8.8%71.2%64.1% GNW 201% · L 112% · SLF 104%
    Financial Exchanges & Data 15 -0.1%17.4%32.7% VIRT 184% · CBOE 135% · CME 83%
    Diversified Financial Services 4 -7.3%22.1%32.6% FRHC 168% · EQH 119% · TMS -54%
    Consumer Finance 30 1.7%89.6%26.9% ENVA 447% · EZPW 319% · FCFS 168%
    Insurance Brokers 16 -15.1%-6.3%20.3% LIFE 200% · ARX 87% · AJG 70%
    Commercial & Residential Mortgage Finance 14 -50.2%32.8%13.9% FNMA 454% · FMCC 436% · ACT 204%
    Asset Management & Custody Banks 84 -11.7%17.6%12.0% WT 348% · SII 279% · VCTR 274%
    Specialized Finance 3 14.0%42.2%-2.8% EFC 27% · CACC -3% · HASI -16%
    Mortgage REITs 33 -13.0%7.4%-16.5% NREF 53% · RITM 42% · DX 34%
    Transaction & Payment Processing Services 15 -1.0%-5.9%-42.9% V 74% · MA 73% · CPAY 58%
    Diversified Capital Markets 20 -36.3%20.7%-48.1% OPY 196% · LPLA 136% · GOLD 90%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

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    0DASHBOARDS 
    1First United Stock Fell 11% in a Month, What Now?10/17/2025
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    Peer Comparisons

    Peers to compare with:

    Financials

    FUNCWSBCFNBUBSITOWNSHBIMedian
    NameFirst Un.Wesbanco F N B United B.Towne Ba.Shore Ba. 
    Mkt Price44.3139.3717.9347.1137.0823.2338.22
    Mkt Cap0.33.86.46.53.40.83.6
    Rev LTM931,0521,8281,280888237970
    Op Inc LTM-------
    FCF LTM2639462253412887261
    FCF 3Y Avg2325650047215749206
    CFO LTM3039670455618090288
    CFO 3Y Avg2526660248820753236

    Growth & Margins

    FUNCWSBCFNBUBSITOWNSHBIMedian
    NameFirst Un.Wesbanco F N B United B.Towne Ba.Shore Ba. 
    Rev Chg LTM11.6%38.0%11.8%14.6%25.4%11.3%13.2%
    Rev Chg 3Y Avg7.0%21.3%4.3%6.3%8.7%26.2%7.9%
    Rev Chg Q9.9%5.5%5.5%5.8%34.6%9.2%7.5%
    QoQ Delta Rev Chg LTM2.4%1.4%1.3%1.4%7.7%2.2%1.8%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM32.2%37.7%38.5%43.4%20.3%38.0%37.8%
    CFO/Rev 3Y Avg30.1%32.7%35.9%42.6%27.9%23.9%31.4%
    FCF/Rev LTM27.8%37.5%34.0%41.7%14.4%36.8%35.4%
    FCF/Rev 3Y Avg27.5%31.3%29.8%41.3%21.3%21.6%28.6%

    Valuation

    FUNCWSBCFNBUBSITOWNSHBIMedian
    NameFirst Un.Wesbanco F N B United B.Towne Ba.Shore Ba. 
    Mkt Cap0.33.86.46.53.40.83.6
    P/S3.13.63.55.13.83.33.5
    P/Op Inc-------
    P/EBIT-------
    P/E11.410.610.612.621.011.711.6
    P/CFO9.59.59.111.718.68.69.5
    Total Yield11.0%13.1%12.2%11.2%7.2%10.7%11.1%
    Dividend Yield2.3%3.7%2.8%3.3%2.4%2.2%2.6%
    FCF Yield 3Y Avg12.1%9.3%8.8%9.0%6.4%7.8%8.9%
    D/E0.10.50.60.10.10.10.1
    Net D/E-0.20.2-0.2-0.3-0.4-0.5-0.3

    Returns

    FUNCWSBCFNBUBSITOWNSHBIMedian
    NameFirst Un.Wesbanco F N B United B.Towne Ba.Shore Ba. 
    1M Rtn3.2%-2.8%-2.5%-0.7%-1.8%0.1%-1.2%
    3M Rtn4.7%9.5%-0.9%6.9%7.7%6.4%6.7%
    6M Rtn24.4%21.3%13.6%21.1%18.2%32.6%21.2%
    12M Rtn19.2%27.3%13.3%30.1%8.8%38.6%23.3%
    3Y Rtn199.9%91.2%84.8%97.7%81.4%142.8%94.5%
    1M Excs Rtn2.4%-2.7%-2.0%0.3%0.2%2.2%0.3%
    3M Excs Rtn2.7%7.5%-2.9%4.9%5.7%4.4%4.7%
    6M Excs Rtn8.2%5.2%-2.2%5.7%1.9%15.7%5.4%
    12M Excs Rtn8.7%16.0%-2.3%15.5%-4.8%24.1%12.1%
    3Y Excs Rtn128.1%12.8%4.6%20.3%9.0%61.8%16.6%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/8/20263/10/202611/5/20258/13/20255/7/20253/20/202511/7/20248/7/20245/8/20243/15/202411/9/2023
    Key Financials Quarterly            
    Total Revenue242323232221212020191519
    Net Income676766665425
    EPS0.881.030.891.070.920.900.950.890.750.560.260.67
    Key Financials TTM            
    Total Revenue TTM939189868482807472717176
    Net Income TTM252525252423211615141520
    Growth Rates Quarterly            
    Total Revenue Growth9.9%11.6%13.0%12.0%8.5%12.0%39.9%7.6%7.1%-1.2%-24.6%-5.1%
    Net Income Growth-5.3%14.8%-6.6%20.4%21.8%57.0%251.9%27.9%11.3%-15.5%-74.8%-34.9%
    Margins Quarterly            
    Net Income Margin23.7%28.5%24.6%30.6%27.5%27.7%29.8%28.5%24.5%19.8%11.9%24.0%
    Cash & Debt            
    Total Cash10310715211297151101156138183147195
    Total Debt32329797151122172151112112112113
    Net Debt / (Cash)-71-75-55-1554-2971-4-26-70-34-82
    Cash Flows Quarterly            
    FCF from Operations51410217927469
    Cash Flows TTM            
    FCF from Operations TTM302619191926221925232225
    Returns to Shareholders Quarterly            
    Dividends222111111111
    Share Repurchases02-0-0-0-00-0-0-010
    Return on Invested Capital (ROIC) Quarterly            
    ROIC----44.5%-34.8%-----
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM----44.1%-28.9%-----

    Segment Financials

    Revenue by Segment
    $ Mil20232022202120202019
    Community Banking8671736763
    Wealth Management99   
    Total9680736763


    Net Income by Segment
    $ Mil2025202420232022
    Community Banking20161221
    Wealth Management5434
    Total25211525


    Assets by Segment
    $ Mil202520242023
    Community Banking2,0871,9731,905
    Wealth Management111
    Total2,0871,9731,906


    Price Behavior

    Price Behavior
    Market Price$44.31 
    Market Cap ($ Bil)0.3 
    First Trading Date09/08/1992 
    Distance from 52W High-4.0% 
       50 Days200 Days
    DMA Price$44.26$39.64
    DMA Trendupup
    Distance from DMA0.1%11.8%
     3M1YR
    Volatility26.8%27.2%
    Downside Capture-20.6018.89
    Upside Capture5.7836.16
    Correlation (SPY)0.8%17.6%
    FUNC Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta0.220.15-0.100.110.360.66
    Up Beta1.24-0.12-0.400.050.490.88
    Down Beta0.170.13-0.05-0.040.490.85
    Up Capture-48%-3%19%32%25%28%
    Bmk +ve Days10213268138427
    Stock +ve Days10193168132380
    Down Capture-9%65%-25%-7%25%48%
    Bmk -ve Days11213259113324
    Stock -ve Days11233258118352

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FUNC
    FUNC24.7%27.5%0.78-
    Sector ETF (XLF)4.5%14.6%0.0842.9%
    Equity (SPY)16.9%12.9%0.9417.7%
    Gold (GLD)19.1%29.3%0.60-13.9%
    Commodities (DBC)46.3%20.6%1.73-21.2%
    Real Estate (VNQ)4.9%13.6%0.1026.4%
    Bitcoin (BTCUSD)-30.6%44.3%-0.70-0.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FUNC
    FUNC24.0%29.8%0.74-
    Sector ETF (XLF)10.1%18.4%0.4139.6%
    Equity (SPY)12.9%17.2%0.5728.7%
    Gold (GLD)19.1%18.8%0.83-3.7%
    Commodities (DBC)11.2%19.5%0.452.8%
    Real Estate (VNQ)1.1%18.8%-0.0522.7%
    Bitcoin (BTCUSD)12.5%52.5%0.429.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with FUNC
    FUNC18.8%32.9%0.60-
    Sector ETF (XLF)12.9%22.1%0.5338.1%
    Equity (SPY)15.1%18.0%0.7230.1%
    Gold (GLD)12.1%16.4%0.61-2.4%
    Commodities (DBC)8.3%18.1%0.3711.7%
    Real Estate (VNQ)4.4%20.7%0.1828.7%
    Bitcoin (BTCUSD)62.6%66.2%1.027.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.1 Mil
    Short Interest: % Change Since 8152026-2.6%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest5.9 days
    Basic Shares Quantity6.5 Mil
    Short % of Basic Shares1.4%

    Returns Analyses

    Earnings Returns History

    Updated 8/20/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/20/2026-1.0%0.5%1.1%
    4/21/20261.1%1.1%-1.4%
    2/4/20260.5%-3.8%-8.0%
    10/21/20256.9%5.8%3.7%
    7/21/20252.7%-2.1%-1.8%
    4/21/20251.8%6.1%11.8%
    2/5/20259.1%22.1%-4.9%
    10/21/2024-0.4%-0.4%9.8%
    ...
    SUMMARY STATS   
    # Positive161714
    # Negative9811
    Median Positive2.0%3.9%5.3%
    Median Negative-1.7%-3.7%-4.9%
    Max Positive9.1%22.1%13.7%
    Max Negative-6.8%-12.4%-19.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/20/2026-1.0%0.5%1.1%
    4/21/20261.1%1.1%-1.4%
    2/4/20260.5%-3.8%-8.0%
    10/21/20256.9%5.8%3.7%
    7/21/20252.7%-2.1%-1.8%
    4/21/20251.8%6.1%11.8%
    2/5/20259.1%22.1%-4.9%
    10/21/2024-0.4%-0.4%9.8%
    7/23/20240.0%6.1%5.2%
    4/24/2024-0.3%1.4%-1.8%
    2/5/2024-2.0%-3.7%-1.8%
    10/25/20230.9%2.7%13.7%
    7/26/2023-1.8%-2.0%-4.7%
    4/25/2023-2.7%-12.4%-19.1%
    2/10/20231.0%5.1%-10.8%
    10/21/20222.1%3.9%8.4%
    7/25/20223.9%0.1%3.3%
    4/25/2022-1.7%-4.2%-17.5%
    2/8/20227.8%15.8%7.0%
    10/27/20210.5%4.1%3.0%
    7/29/2021-1.4%0.2%2.8%
    5/4/20212.8%3.6%5.4%
    2/23/20211.5%2.8%0.1%
    11/12/2020-6.8%6.7%12.4%
    8/12/20202.2%-4.3%-5.1%
    SUMMARY STATS   
    # Positive161714
    # Negative9811
    Median Positive2.0%3.9%5.3%
    Median Negative-1.7%-3.7%-4.9%
    Max Positive9.1%22.1%13.7%
    Max Negative-6.8%-12.4%-19.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/10/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/20/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/15/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/24/202310-K
    09/30/202211/10/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/08/202610-Q
    12/31/202503/10/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/20/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/07/202410-Q
    03/31/202405/08/202410-Q
    12/31/202303/15/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/24/202310-K
    09/30/202211/10/202210-Q
    06/30/202208/11/202210-Q
    03/31/202205/09/202210-Q
    12/31/202103/25/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/14/202110-Q
    12/31/202003/25/202110-K
    09/30/202011/10/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/11/202010-Q
    12/31/201903/13/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 8/5/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Rodeheaver, Carissa Lynn DirectBuy804202645.701406,3962,239,924Form
    2Rush, Jason BarryChairman, President & CEODirectBuy804202645.84642,9191,251,938Form
    3Sturm, Tonya KEVP & CFODirectBuy804202645.842113542,521Form
    4Boal, Brian R DirectBuy804202645.84743,3731,026,174Form
    5Fisher, Robert L IIEVP & Chief Banking OfficerDirectSell729202645.295,250237,772412,365Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Rodeheaver, Carissa Lynn DirectBuy804202645.701406,3962,239,924Form
    2Rush, Jason BarryChairman, President & CEODirectBuy804202645.84642,9191,251,938Form
    3Sturm, Tonya KEVP & CFODirectBuy804202645.842113542,521Form
    4Boal, Brian R DirectBuy804202645.84743,3731,026,174Form
    5Fisher, Robert L IIEVP & Chief Banking OfficerDirectSell729202645.295,250237,772412,365Form
    6Rudy, Irvin Robert DirectSell728202644.581,00044,5801,671,750Form
    7Sanders, KeithEVP & Chief Wealth OfficerDirectSell724202643.685,000218,398451,726Form
    8Sturm, Tonya KEVP & CFODirectBuy505202638.103112453,718Form
    9Boal, Brian R DirectBuy505202638.10782,990796,953Form
    10Rush, Jason BarryPresident & CEODirectBuy505202638.10762,8991,035,057Form
    11Rodeheaver, Carissa Lynn DirectBuy504202637.991676,3521,819,936Form
    12Tasker, Anthony JamesSVP & COODirectSell220202639.1513313,076Form
    13Rush, Jason BarryPresident & CEODirectBuy204202639.68732,8801,001,769Form
    14Sturm, Tonya KEVP & CFODirectBuy204202639.683112429,615Form
    15Boal, Brian R DirectBuy204202639.68752,971826,889Form
    16Rodeheaver, Carissa Lynn DirectBuy204202639.661596,3111,875,755Form
    17Sturm, Tonya KSVP & CFODirectBuy1105202535.15642,238378,309Form
    18Rush, Jason BarrySVP & COODirectBuy1105202535.15812,859881,870Form
    19Boal, Brian R DirectBuy1105202535.15842,949729,857Form
    20Rodeheaver, Carissa LynnChairman, President & CEODirectBuy1105202535.221786,2641,655,301Form
    21Rudy, Irvin Robert DirectSell826202537.352,00074,7001,400,625Form
    22Rodeheaver, Carissa LynnChairman, President & CEODirectBuy804202532.281203,8891,506,689Form
    23Rush, Jason BarrySVP & COODirectBuy804202532.28742,403804,384Form
    24Boal, Brian R DirectBuy804202532.28772,479667,556Form
    25Rodeheaver, Carissa LynnChairman, President & CEODirectBuy804202535.92381,3771,672,261Form

    Industry Resources

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